Resource: A person, place or thing from which a benefit can be derived.
Have you ever Googled ‘wasted resources’? Food, energy, wealth, labor, technology… all have long histories of reported waste. I’ve always wished I could get my hands on just a smidgeon of the business resources I see wasted. How about you? What would you do with them?
Natural or man-made, resources are the source of all production and consumption. Just as our personal well-being is jeopardized when we lack resources, resources are at the root of all business successes and failures. Use of them affects their availability, and vice versa.
It is that catch-22 that makes it crucial for us to get creative with the resources we have. To achieve success in business, you need adequate and sustainable resources. That means managing what you have well – achieving the balance of deriving maximum benefit from your existing resources, but not exhausting them – you need them to attain more.
Consider each of the following resources. Which combinations of them do you have, and which do you need? Are there any you have that you could get more benefit from? Are their creative ways to gain resources you might be lacking, such as resource-sharing opportunities, or free or underutilized resources?
| Human | Financial | Psychological | Physical |
| Self Interns Employees Contractors Vendors Partners Service Providers Acquaintances Friends Family Members Customers Prospects Market Influencers |
Cash Liquid Assets Credit Investors Grants Gifts Crowd Funds Trade Equity Sales Profit Cash Flow |
Experience Knowledge Skills Opinions Ideas Relationships Emotional Well-Being Trust Comfort Desire Motivation Passion Optimism Control Influence Mindfulness Self-efficacy Confidence Relevance |
Food Water Air Space (land, building) Time Equipment Furnishings Transportation Software Hardware Raw Materials Marketing Materials Educational Materials Physical Well-Being Rules and Formulas Plans and Procedures Patents/Trademarks Products Services |
Maybe you need Marketing Material and have an Intern with the Knowledge to create it currently using their Time on Food runs. Maybe you are meeting your Sales goals, but have an accounts receivable Employee spending more Time on balancing accounts than on collection, so are short on Cash Flow.
Whether you are just starting a business or have been running one for years, you continually need well-managed resources. Make it a regular habit to review resources you have, resources you need, and how you can attain and use them most effectively. Stay tuned for resource management planning, tips and tools.
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